Market Trends of Europe Dashboard Camera Industry
This section covers the major market trends shaping the Europe Dashboard Camera Market according to our research experts:
Single-Channel Expected to Hold Significant Market Share
- As the name suggests, single-channel dashboard cameras can film only in one direction. These are usually placed at the front of the vehicle. These cameras have Wi-Fi, GPS, parking mode, and night vision features. Additionally, single-channel dashboard cameras are usually available in every possible configuration, ranging from single to multiple lenses that allow simultaneous front and rear recording. The advanced dashcams record sound, support GPS logging and have built-in accelerometers for speed data.
- The demand for single-channel dashboard cameras grows due to the rising demand for them among motorists, owing to their application in filing insurance claims and procuring evidence for civil and criminal lawsuits and other safety concerns. Furthermore, the use of wide-angle lenses in automotive camera modules witnessed increasing adoption due to comprehensive field coverage and enhanced picture quality.
- Adding dual cameras makes a dashcam more expensive and complicated, as it uses more storage space and requires more wiring. They generally come with a six-layer full-glass lens that provides a wide 170-degree angle. Both high dynamic range (HDR) and WDR are supported for good night vision and performance. However, single-channel dashboard cameras are relatively cheaper than dual-channel dashcams. Furthermore, a setup of two single-channel dashcams, one mounted in the rear of the vehicle, would provide better coverage than dual-channel dashcams. This is expected to play a vital role in influencing consumers' opinions.
- The growing demand for electric vehicles in the European region is expected to notably impact the need for dash cams, as EVs usually contain more sophisticated safety and infotainment devices. According to the International Energy Agency (IEA), electric car sales increased in the European region, reporting growth of about 65% year-on-year to reach 2.3 million in 2021. Although, the overall automotive market has not recovered entirely from the pandemic.
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Germany to Hold Significant Market Share
- Germany is the leading automotive manufacturing country in the European region. Although the German automotive industry has witnessed a decline, it still continues to hold a strong market presence in Europe. Some top global automotive brands, including Mercedes-Benz, Audi, BMW, Porsche, Volkswagen, etc., are present in the country. As most of these companies offer automobiles in the premium segment, these companies widely use dashboard cameras.
- According to German Trade & Invest (GTAI), Germany accounts for around 25% of all passenger cars manufactured and almost 20 percent of all new vehicle registrations. The country also boasts a large concentration of OEM plants, with about 44 sites in the country. Furthermore, in 2021, the German OEM market share in the EU was more than 55 percent.
- Furthermore, in 2021, German automobile manufacturers produced over 15.6 million vehicles, including more than 3.1 million passenger cars and 351,000 commercial vehicles. Additionally, the German light commercial vehicle and passenger car OEMs generated foreign market revenue of about EUR 274 billion in 2021.
- Increasing investment by the industry stakeholders is expected to support further the growth of the automotive industry, which in turn will drive the demand for dashboard cameras. For instance, in February 2021, Ford Motors announced an investment of about USD 1 billion in an electric vehicle production facility in Cologne, Germany.
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